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Weekly Financial Summary 2024-02-05

Date: 2024-02-05
Views: 1

Financial attention


Macroeconomics




1. Xinhua News Agency: In 2024, the No. 1 central document of the Central Government proposed to stimulate the dynamic vitality of rural revitalization. Initiate a pilot program to extend the second round of land contracting for another 30 years across the province. Establish a sound mechanism for the formation of land transfer prices and explore effective methods to prevent unreasonable increases in transfer costs. We will steadily and prudently promote the reform of the rural homestead system. Tax reduction and exemption will be implemented for collective assets registered by village committees and village groups under the name of rural collective economic organizations.




2. China Railway: On February 3, 2024, the railway Spring Festival travel entered its 9th day, and the railway experienced a peak of travel before the holiday. The national railway is expected to send 12.96 million passengers, with an additional 1649 passenger trains. Railway departments in various regions actively prevent and respond to disasters caused by low temperature, rain, snow, and freezing, and take multiple measures to ensure safety, smoothness, and people's livelihoods, serving passengers to travel safely and orderly.




3. CCTV News: Over 1.55 billion people traveled in the first 8 days of the Spring Festival travel rush. On February 2nd, the cross regional personnel flow in the whole society exceeded 200 million people, making it the day with the highest cross regional personnel flow since this year's Spring Festival Games. The railway passenger volume reached 12.138 million people, an increase of 0.5% compared to the previous period; The turnover of highway personnel reached 18.519 million, a month on month increase of 1.6%; The passenger volume of waterway transportation was 594000, a month on month increase of 6.4%; The passenger volume of civil aviation was 2.098 million, a decrease of 0.4% compared to the previous period.




4. Beijing Economic and Information Bureau: Adhere to the spatial layout of "South Arrow and North Star" and the coordination of Beijing Tianjin Hebei. Based on the advantages of gathering commercial rocket enterprises in Beijing Economic and Technological Development Zone and Daxing District, we will strengthen the "South Arrow"; Based on the advantages of commercial satellite enterprise clustering in Haidian District, we will strengthen the "North Star" and radiate and drive other districts. Next, we will further support the Beijing Economic and Technological Development Zone and accelerate the implementation of the "Sky Soaring Plan".




5. IMF: On February 2, 2024 local time, a report on the 2023 negotiations with China on Article 4 was released. The recovery performance of the Chinese economy after the epidemic is strong, and it is expected that the Chinese economy will grow by 4.6% in 2024, an increase of 0.4 percentage points from the predicted value in October 2023.




Stock market inventory




1. China Fund News: On February 2, 2024, 2700 lost points were regained, and stock ETFs continued to experience massive fund bottoming, with a net daily inflow of 20 billion yuan and a net inflow of over 55 billion yuan in stock ETFs. Only four leading fund companies, including Huatai Bairui, Jiashi, E Fund, and Huaxia, collectively attracted more than 32.9 billion yuan in Shanghai and Shenzhen 300 ETFs.




2. CCTV: Morgan Asset Management's global executives collectively speak out, insisting on "investing in China and doing long in China". On February 2nd, the CSI A50 ETF was officially approved. Morgan Fund Management (China) has won the only foreign-funded top spot. The CSI A50 index will help investors explore the growth points of the Chinese economy and become an important target for domestic and foreign funds to allocate core assets of A-shares. It is predicted that Chinese equity assets may create higher returns in the next 10 to 15 years.




3. CITIC Securities: Since 2018, with the continuous standardization of stock pledge behavior, the risk of stock pledge has continued to be cleared. As of January 26, 2024, the scale of pledge has significantly decreased, and the overall risk has significantly decreased; Structurally, the risk of closing positions may mainly be concentrated in large cap companies. Due to the lower pledge ratio and/or better supplementary pledge ability of large cap companies, the risk of stock pledge is controllable.




4. Securities Times: Japanese retail investors are flocking to the Indian stock market. In January 2024, the total assets of Japan's investment trust funds focused on Indian stocks increased by 11% to 237 billion yen (approximately 11.5 billion yuan). The actual inflow of funds into these Indian stock funds is about 140 billion yen, while funds focused on Japanese stocks have had almost no net inflows during the same period.




5. Interface: Recently, there has been a crazy rumor in the industry that "Wang Yawei, founder of Qianhe Capital, has been officially arrested, and all of his products will be liquidated. Customers have already been notified.". The Beijing office of Qianhe Capital was cleared and locked last month. Qianhe Capital stated that due to personal reasons, Wang Yawei is temporarily not involved in the company's operation and management. At present, the redemption work has been basically completed smoothly, and the existing liquidity is sufficient.




6. Bank of America: The trend of American technology stocks is similar to that of the Internet foam in 1999. Investors believe that even if monetary policy is tight, the economy will still perform strongly. The decline in US Treasury yields in the fourth quarter pushed up the Nasdaq index, but both yields and the Nasdaq index have risen in the past four weeks. This usually happens during economic recession, such as the Internet foam in 2009 or at the turn of the century.




Industry observation




1. Xinhua News Agency: In 2024, the No. 1 central document of the Central Committee of the Communist Party of China put forward the idea of learning and applying the experience of the "1000 Village Demonstration, 10000 Village Renovation" project to effectively promote the overall revitalization of the countryside. Strengthen the planning and construction of new energy vehicle charging and swapping facilities in key villages and towns. Continuously implementing digital rural development actions, developing smart agriculture, and narrowing the digital divide between urban and rural areas. Implement the Smart Radio and Television Rural Project. Encourage provinces with conditions to coordinate the construction of regional big data platforms.




2. Cui Dongshu, Secretary General of the China Association of Automobile Manufacturers: In 2023, the world's automobile sales reached 89.18 million units, of which 14.28 million were new energy vehicles. The proportion of sales of gasoline vehicles has relatively decreased. Affected by a high base and the withdrawal of subsidy policies from various countries, the world's new energy passenger vehicles started weak, while Europe and the United States gradually strengthened. China's new energy passenger vehicles account for 63.5% of the world's new energy, with a strong performance of 68% in December.




3. Medical Insurance Bureau: In 2023, the total revenue of the basic medical insurance fund (including maternity insurance) was 2711.066 billion yuan. Among them, the income of the basic medical insurance fund for employees (including maternity insurance) was 1663.607 billion yuan, and the income of the basic medical insurance fund for urban and rural residents was 1047.459 billion yuan.




4. The central bank recently announced a batch of administrative penalty information, including fines imposed on six credit rating agencies including China Chengxin International, New Century Credit Rating, and Standard&Poor's Credit Rating (China), with a total fine amount exceeding 34 million yuan. The types of illegal activities of relevant institutions mainly include failure to conduct credit rating business in accordance with legal rating procedures and business rules, violation of independence requirements, violation of consistency principles, etc.




5. Beijing Municipal Bureau of Economy and Information Technology: Taking the construction of a global benchmark city for digital economy as an opportunity, promoting the large-scale application of space and space information, and exploring relevant policies such as satellite data trading. Promote the establishment of the "Satellite Data Trading Zone" of the Beijing Institute of Statistics, carry out pilot projects for data asset entry into the balance sheet, and promote the assetization and circulation of satellite data.




6. Chongqing Municipal Commission of Economy and Information Technology: In 2024, it will launch the construction of five industry "industrial brains" for the industrial sector, connecting government industrial basic data, industry public data, and enterprise shared data, and accelerating the digital transformation of the manufacturing industry. By 2027, Chongqing will build over 20 industry brains, over 20 future factories, as well as over 40 intelligent factories and over 400 digital workshops.




7. Xinhua News Agency: At 11:06 am Beijing time on February 3, 2024, China's Taiyuan Satellite Launch Center successfully launched 9 satellites using the Jielong 3 carrier rocket in the waters near Yangjiang, Guangdong. The satellites entered the designated orbit and the launch mission was a complete success. This mission is the third flight of the Jielong 3 carrier rocket.




8. BMW: The President of India Business stated that electric vehicles are expected to account for 25% of its sales in India by 2025. BMW, which launched battery powered cars in India last year, currently sells five pure electric models locally, making it the largest among all car manufacturers.




9. Securities Times: Representatives from 27 EU countries voted unanimously in support of the text of the Artificial Intelligence Act on February 2nd. This marks an important step for the EU towards legislative regulation of artificial intelligence. 27 countries unanimously support this bill, indicating their recognition that negotiators have found a perfect balance between innovation and security.




Financial data




1. China Fund News: In January 2024, 95 new fund products were established, with a total issuance of 56.538 billion shares. Although there was a decrease compared to the previous month, they all achieved varying degrees of growth year-on-year, with growth rates of 63.79% and 40.24% respectively. Bond funds have the largest issuance shares, reaching 43.485 billion shares, accounting for 76.91% of the total issuance shares.


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